HB 1476 - Reduces Oil Extraction Tax - North Dakota Key Vote
Matthew Klein voted Yea (Passage) on this Legislation.
Timeline
- Executive Signed
- April 29, 2015
- House Concurrence Vote Passed
- April 24, 2015
- Senate Bill Passed
- April 23, 2015
- House Bill Passed
- April 20, 2015
- Introduced
- April 17, 2015
Related Issues
Stage Details
Signed by Governor Jack Dalrymple
Title: Reduces Oil Extraction Tax
Vote Smart's Synopsis:
Vote to pass a bill that reduces the oil extraction tax rate.
Highlights:
- Reduces the oil extraction tax rate from 6.5 percent to 5 percent of the gross value of the oil extracted at the well, regardless of the average price of a barrel of oil, effective January 1, 2016 (Secs. 3 & 8).
- Specifies that if the average price of a barrel of crude oil exceeds $90 for 3 consecutive months, then the tax rate on oil extracted from all taxable wells is 6 percent until the average price of a barrel of crude oil is less than $90 for 3 consecutive months, in which case the tax rate reverts to 5 percent (Sec. 3).
More Info About this Vote
NOTE: THIS IS A SECOND READING VOTE TO END DEBATE ON THE BILL AND ADVANCE IT TO THE THIRD READING IN WHICH AN UP-OR-DOWN VOTE FOR PASSAGE WILL OCCUR ONLY IF VOTES CHANGE OR THE THIRD READING OCCURS ON A DIFFERENT LEGISLATIVE DAY.
Title: Reduces Oil Extraction Tax
Vote Smart's Synopsis:
Vote to pass a bill that reduces the oil extraction tax rate.
Highlights:
- Reduces the oil extraction tax rate from 6.5 percent to 4.5 percent of the gross value of the oil extracted at the well, regardless of the average price of a barrel of oil (Sec. 3).
- Repeals the “trigger price” of $35.50 per barrel of crude oil, indexed for inflation, below which certain well productions are exempt from the oil extraction tax (Sec. 2).
- Specifies that the provisions of this bill are effective on the first day of the month in which the “trigger price” tax rate would go into effect, no earlier than June 1, 2015 (Sec. 6).
More Info About this Vote
NOTE: THIS IS A SECOND READING VOTE TO END DEBATE ON THE BILL AND ADVANCE IT TO THE THIRD READING IN WHICH AN UP-OR-DOWN VOTE FOR PASSAGE WILL OCCUR ONLY IF VOTES CHANGE OR THE THIRD READING OCCURS ON A DIFFERENT LEGISLATIVE DAY.
Title: Reduces Oil Extraction Tax